Bitcoin Price Struggles Below $112,000 as Decline Risks Increase
Bitcoin price struggles to maintain levels above $112,000 and may decline if it falls below $110,800.
- BTC declined from the $113,200 zone, trading below $111,500 and the 100-hourly SMA.
- A bullish trend line shows support at $111,000 on the hourly chart.
- The price could decline further if it stays below the $112,500 level.
Current Price Action
Bitcoin attempted a recovery from $110,100, surpassing resistance at $110,800 and $111,500. However, resistance near $113,200 hindered further upward movement, leading to a drop below $112,000. The current low is $110,820.
Immediate resistance levels are at $111,700 and $112,000, with potential gains towards $112,300 or $113,200 if these levels are breached.
Potential Decline
If Bitcoin does not break above $112,300, it may start to decline. Key support levels are:
- $111,000
- $110,800
- $110,200
- $108,800
- $107,500
Technical indicators show a weakening MACD and an RSI below 50.